In 2012, Iberostar Canarias was promoted to Spain's top-tier level Liga ACB competition, after the team won the championship of the LEB Oro.

[5][6] The 2017 Champions League Final Four was played at Canaria's home arena, the Pabellón Insular Santiago Martín.

After finishing third in the regular season, Canarias beat San Pablo Burgos before being eliminated in the semi-finals by Barcelona.

In the 2021–22 season, Canarias won their second BCL championship after defeating fellow Spanish team Manresa in the final in Bilbao.

[10] Partly due to sponsorship reasons, the team has been known by several names over the years: CB Canarias 1939 plays its home games at the Pabellón Insular Santiago Martín arena, which is located in San Cristóbal de La Laguna, on the Spanish island of Tenerife.

Notes: Blue † – homegrown player[a]; Red * – overseas player[b]; Green ‡ – youth player[c] Total titles: 9 LEB Oro Copa Príncipe de Asturias: Trofeo Gobierno de Canarias Basketball Champions League FIBA Intercontinental Cup Liga ACB MVP All-Liga ACB First Team All-Liga ACB Second Team LEB Oro MVP All LEB Oro First Team